If you have to forecast, do it often, opined one economist. He’d have a busy old time in 2020. Wild cards include new(ish) governors at three of the world’s most influential — and hitherto dovish — central banks. Here are other spectres lurking in the wings that could give investors a fright.
Climate change/environment
A Swedish teenager has left oil producers, airlines and other carbon emitters quaking in their boots. Spurred by Greta Thunberg and other activists, shareholders demanding greener credentials have pushed valuations of energy groups, airlines and carmakers to 10-year lows, based on forward price to cash flow multiples relative to that of the MSCI world index. They will stay cheap as cost of capital rises and lenders take a tougher stance on dirty industries.